Although cyber security has become a major part of national security, a recent report highlighted the US government's struggle to retain enough security professionals to prevent future attacks. Boom Bust correspondent Bianca Facchinei traveled to the annual Black Hat conference in Las Vegas to find out more.
The lodged shipping vessel in the Suez Canal is continuing to cause major jams in the global supply chain as the blockage enters its fourth day. Boom Bust's Ben Swann joins the program to analyze the impact to international trade and what fallout we could see as the days mount up. (1:02)
Then we take a spin around the globe to check out market indices around the world as the Suez situation and vaccine concerns continue to weigh on the arrows. (9:15)
And in one of the most under-the-radar crises facing global manufacturing, the worldwide semiconductor chip shortage is causing setbacks across several industries. RT America’s Natasha Sweatte files a report on the scarcity and what could be behind the ongoing shortage. (13:09)
And in the wake of an unprecedented bull run, Bitcoin is seeing a marked drop in price as spring approaches. Boom Bust's Christy Ai and Mason Jappa, CEO of Blockware Solutions, offer their insight on the price drop, what could be over the horizon for the world's largest cryptocurrency, and the environmental impact of Bitcoin mining. (18:59)
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The DOW makes history as it breaks 21,000, Bart Chilton, Commissioner, U.S. Commodity Futures Trading Commission (2007-2014) joins us to dive deeper into the economy. Several U.S. states will soon see hikes in their taxes, will you be affected? Discussing the strength of the U.S. workforce is dominated by topics like trade and immigration. One factor that’s a concern worldwide is automation – and economists in the U.K. think it’s a bigger deal than we’re making it out to be, Boom Bust’s Bianca Facchinei has more. Are social media companies and mobile applications that offer live stream capabilities responsible when the livestream involves a suicide, Boom Bust’s Manuel Rapalo discusses.
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It’s time for Boom Bust! Simone Del Rosario is filling for Lindsay France and she’s got the headlines! The Czech bank signals a hike while gold prices slide for the third day in a row. Special guest Peter Schiff breaks down the recent Fed announcement and what it could mean for the country’s finances. Alex Mihailovich takes a look at NORAD as Canada and the U.S. eye an overhaul of it. Brigida Santos comes to us from sunny California where roads are being changed to make way for self-driving cars. Meanwhile, Bianca Facchinei is coming at us live from Las Vegas, Nevada as she dives into the world of hackers and the Internet at the annual Black Hat Convention. That and more on Boom Bust!
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Our lead story: A new report by the Hass Institute at UC Berkley reveals that a one third of all mortgaged homes in the US are still underwater. According to the report: "Among the nearly 400 hardest hit ZIP codes, there are 146 in which African-Americans and Latinos account for three-quarters of the population." Erin takes a look.
The "Too Big to Fail" debate has a lot to do with moral hazard. If there's no threat of failure, then big banks will only take on more risk. Erin talks to economist George Selgin about free banking, and how this concept would do away will financial regulation altogether (PLUS make the system more stable).
Then Erin checks in with Dr. Ann Pettifor on the UK economy. Madame Pettifor discusses how the UK is in the boom part of its boom-bust cycle, and she breaks down some of the credit dangers lurking as well as stagnant wage growth.
Finally in today's Big Deal, Edward Harrison and Erin sit down to talk about Seattle's $15 minimum wage and what Thomas Piketty had to say about it!
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International sanctions against Iran officially lifted over the weekend. Ameera David weighs in. Then, Ameera sits down with Marin Katusa – chairman of Katusa Research – to talk about oil.
After the break, Bianca Facchinei takes a look at the Flint water crisis.
Afterwards, Ameera and Max Wolff – chief economist at Manhattan Venture Partners – talk about markets. And in The Big Deal, Ameera and RT correspondent Manuel Rapalo discuss the controversial new Oxfam International report.
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The top story: Goldman Sachs staff can donate to Hillary Clinton but not Donald Trump. Ameera David has details on the explanation. Then, Boom Bust’s Bianca Facchinei reports on the EU’s grant of 348 million euros in aid for Syrian refugees in Turkey as well as the 13 foot wall Britain is building in the French port city of Calais to block refugees from entering the UK. Afterwards, Edward Harrison talks to Kingston University Head of Economics, History & Politics Steve Keen about the Australian economy.
After the break, Edward speaks to writer, investor, and technologist George Gilder about the ideas in his new book "The Scandal of Money: Why Wall Street Recovers but the Economy Never Does" why over-reliance on the Fed hasn’t worked. And in the Big Deal, Ameera is joined by Edward to discuss economist Hyman Minsky’s hypothesis on the instability of stability.
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ORIGINAL AIR DATE: December 18, 2014
To discuss emerging markets, Erin is joined by Eswar Prasad – professor at Cornell University, senior fellow at The Brookings Institution, and former head of the IMF’s China Division.
Dr. Prasad tells us what he sees as the biggest consequences of the strong dollar, gives us his take on what emerging markets he thinks look vulnerable, and tells us why floating rate regimes give emerging markets breathing room while fixed rate regimes require steep levels of economic reform. Dr. Prasad also tells us how the Indian economy is doing and what kind of growth he expects there in 2015 as well as what he’s seeing in China right now. He gives us his take on Chinese house price deflation and also weighs in on how well the Chinese regulators have done in tamping down on excess credit growth.
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Scotland’s First Minister Nicola Sturgeon is laying out her plan to keep her country in the EU’s single market. How does she hope to do this? Ameera David has the details. Then, Bianca Facchinei takes a look at the political impact of Monday’s attack on a German Christmas market as Chancellor Angela Merkel continues to face stiff competition at home. After, Lindsay France breaks down the biggest holiday consumers scams and how to avoid them.
Following the break, Pavlina Tcherneva of the Levy Economics Institute gives her take on growing European populism. And finally, in The Big Deal, Edward Harrison examines how macro events such as the Berlin market attack have placed hedge fund performance on shaky ground.
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Michael Hudson, a professor of Economics at the University of Missouri, Kansas City, is a sharp critic of what he considers the "rent seeking" behavior which has come to dominate the world of global finance. Once upon a time, governments regularly expunged debts to prevent the crises and turmoil that overindebtedness caused. But then came the Romans. For the Romans, "a debt was a debt was a debt". And since then, it has become standard fare to enforce debt contracts even when they are unpayable. Hudson now sees a parasitic financial industry that looks only to determine how much wealth it can extract via fees, interest income, and tax breaks, rather than providing capital to increase.
Gonzalo Lira believes that ultra-easy monetary policy will be the demise of the US dollar. In part two of our conversation with Gonzalo, he also explained that his pessimism about the US dollar emanates from his view that the United States has become a "kleptocratic oligarchy" in which investment in capital has become passé and the financialization of the economy benefits a select few.
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